Morgan, 54, who tried to buy Liverool in 2004, made his fortune after launching building firm Redrow, but sold his majority shareholding in 2000.

He is chairman of the Bridgemere Group of Companies as well as two other plcs.

Wolves have spent only one season in the top flight since 1984 - their solitary Premiership season coming in 2003/04 - but Morgan has vowed to bring back the glory days.

"I remember the days when Wolves were the greatest club in the land and, although times have changed, we are going to do our best to take Wolves back to where they were," Morgan said.

"I will work tirelessly alongside Jez Moxey, the chief executive, the rest of the board and the backroom team, manager Mick McCarthy and the players to do my very best for Wolves.

"The loyal fans of this club deserve nothing less.

"When the club first approached me about taking over at Molineux the deal was all but done in the first two minutes of discussion and I feel privileged to have been the right person to have come along at the right time."